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LCM files chapt 11

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Old 07-22-2009, 09:44 PM
  #31
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Randy and his wife are real nice and very good people to buy from. I hope they pull out of this bad time not to many nice people in the boating world.


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Old 07-22-2009, 10:40 PM
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Just imagine being Randy right now. He's got enough landing on him and there's just no reason to make sure that every single person knows about it when they don't even have exposure.
Start spreading the word about it, I hope he rots in HELL!!!

LCM is NOT one of the hack shops we've all talked about. It's a respectable dealership which also happens to drive pricing in that region. So when you go posting negative things about it and help drive them out you basically hurt anyone who would be buying a boat this year or next or next .....
He didn't care when he sold me my 320 Baja and rigged it with the motors and drives, then one day the motor falls off the stringers because the motor mounts were lagged in the stringers with plastic wire ties stuffed in the holes because the stringers were rotten from the transom to the bulkhead.. And when I called him to tell him about the problem all he could do was curse and yell at me... Not very good display of customer satisfaction!!!!! I hope it cost him everything he's got!!!!!!!
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Old 07-22-2009, 11:13 PM
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It's really pretty simple...banks are pulling lines and cutting off credit at an unbelievable rate to all kinds of business...some is legit and others are hasty decisions to CUT exposure to help their own capital situations. If a business has a 50MM credit facility with 10MM drawn and all of a sudden cuts the facility to 10MM they "free up" capital...at a 10:1 coverage they all of a sudden have 4MM more in capital to utilize for something else...like to reserve against losses on other loans. All of a sudden a business who is not utilizing 80% of their line has a serious liquidity problem...because almost ALL of the other lenders are in the same boat. I saw compaines with 1Billion in cash on their balance sheets hitting their 400MM lines last fall...just to be sure that they had the facility and money before it was potentially cut even though they didn't need it. I have seen clients with large net worth's and almost no debt, literally unable to tap the credit markets for anything related to business. It's happening in residential, commercial, investement, etc. Last fall most of the banks themselves could not even go to the credit markets unless they paid "credit card" rates and that was IF they were lucky! This let to unprecedented action from the Fed to Inject ~700Billion into the institutions, FDIC guarantees on debt issuance, forced marrages, multi Trillion dollar asset purchase guarantees, etc. Many are just a victum of circumstance, say you utilized a local or regional bank for letter of credit and all of a sudden no one would buy the paper due to the "perceived" risk of the bank, all of a sudden your rate could go from ~2.00% to 17% because of the bank...not you! These "draws" then go against your own credit facility not the banks. Look at the subsidized facility's that the govt has to help States, Hospitals, Universities, etc sell debt..These are programs like build america bonds, even California had to pay ~7.5% to issue GO bonds and had trouble selling them! Liquidity is now everything and is why people were PAYING money to buy T-bills when rates went negative earlier this year. I could go on and on, but I think this illistrates the problem. There are no quick fixes and this will take YEARS to get flushed out. There was a sudden and sharp "re-pricing" of risk and the pendalum has swung to "return OF capital, not return ON capital...

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Old 07-23-2009, 06:57 AM
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If anyone can recover, Randy will. He is one of the hardest working people that I have ever met. His dealership is amazing and important to the area and our sport. He attempts to deliver nothing but first class products and service. Eric
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Old 07-23-2009, 08:17 AM
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Quote:
Originally Posted by T2x View Post
True, but you must also remember that Chapter 11 is an admission of bankruptcy, or more liabilities than assets. \


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Just to clarify, bankruptcy has nothing to do with more liabilities than assets. It simply means you have the inabliity to pay your creditors.
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Old 07-23-2009, 09:17 AM
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I bought my TG from Randy. Great company to deal with.
Best of luck to you!
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Old 07-25-2009, 08:46 AM
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It's unfortunate when an establishment like LCM goes under but the boats that we love will always be available somewhere somehow. We all know if your in the market for a 100K+ boat you are capable of going to the boat to inspect it yourself and/or have a representative do it for you. If LCM falls it really won't make a huge difference as to where we/you can purchase your next poker runner. As far as the service end of it LCM has no Mercury Certified techs in the shop and hasn't had since I left in May 2008.

I was on the inside of LCM for close to a year and know first hand how things operated, ethically and morally disturbing.

I'll leave it at that.
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Old 07-28-2009, 05:04 PM
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Default LCM files chapt 11

jest read on traidonily to day that lake cumberland marine filed chapter 11 . things are getting tighter and tighter . robbie
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Old 07-28-2009, 06:12 PM
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already been a thread on this. lets not beat a dead horse!!!
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Old 07-28-2009, 11:00 PM
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already been a thread on this. lets not beat a dead horse!!!
thanks did not know . robbie
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